As a result, the tax function mission of "enhancing shareholder value," while still important, must now be evaluated through a new filter imposed by Congress and the IRS--"transparency through disclosure" Members of the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) have stated that "sunlight is the best disinfectant" for cleansing financial statements of aggressive interpretations of tax accounting rules.
Purveyors and purchasers of tax strategies that affect financial accounting income must now consider not only the costs and cashflow benefits of implementing such a strategy, but also whether and how the transaction must be disclosed to both investors and the Service.
Just as the tax
revolt era had a beginning, so will it have an end.
Review the competitiveness of the Canadian corporate income tax
structure, especially the tax
rates, and encourage the provinces to follow suit with a review of their income, capital, and sales tax
regimes; encourage the provinces to harmonize their sales tax
systems with the GST, as well.
While risk tolerance and asset diversification decisions vary for each client, tax
considerations generally apply across the board.
practitioner hotline is available Monday-Friday, 8 a.
multinational should, nevertheless, be able to continue structuring its business affairs and transactions so as to maximize tax
savings and achieve the most efficient tax
result (as opposed to engaging in tax
Because of the new Iaw's many attractive tax
breaks and various start and "sunset" dates, you might not have another opportunity for similar tax
savings in the coming years.
based Tobin Tax
Initiative and France's Association for Transaction Taxes
to Aid Citizens (ATTAC), sprang up and started a carefully coordinated international campaign to promote the Tobin tax
But if the process of filing tax
returns becomes so complex that the average person can't complete it correctly without hiring professional help--and even professionals have difficulty--then the cost of compliance becomes a "surtax" levied in addition to the taxes
For the uninitiated, the Federal Historic Rehabilitation Tax
Credit is a dollar-for-dollar reduction of federal income tax
liability, and is calculated as a percentage, 20 percent or 10 percent, of the eligible rehabilitation expenditures for either certified historic buildings, or non-historic, non-residential buildings constructed before 1936.
A Gallup poll showed that only 5 million of the 34 million people subject to the tax
were saving to make their annual payment in March 1943.
Starting mostly next year, a series of tax
cuts will take effect under the Taxpayer Relief Act of 1997 that will benefit parents, investors, students, home-sellers, home businesses and the self-employed.
OTC: TIER), is the only company that has provided card-based federal tax
payment options for the IRS in each year since program inception in 1999.
1(g) (the kiddie tax
) are designed to minimize the family income tax
advantage obtained when (1) parents gift assets to a child, (2) the investment income is taxed
at the child's lower income tax
rates and (3) family wealth increases.